The 16th BRICS Leaders’ Summit is on the horizon, and as “Big BRICS Cooperation” continues to expand and deepen, this meeting is expected to unveil new opportunities for economic and trade collaboration between China and other BRICS nations.
In recent years, the economic ties among BRICS countries have grown increasingly robust. Official data indicates a significant increase in trade volume, with the combined import and export values between China and Russia, India, Brazil, and South Africa rising from 960.21 billion yuan in 2009 to 4.32 trillion yuan in 2023—an average annual growth rate of 11.3%, outpacing China’s overall trade growth by 3.8 percentage points during the same period.
Since the expansion of the BRICS cooperation framework in January, China’s imports and exports with other BRICS nations reached 4.62 trillion yuan in the first three quarters of this year, reflecting a year-on-year increase of 5.1%. In the industrial sector, China and its BRICS counterparts have achieved complementarity in fundamental industries such as steel, chemicals, and textiles. The first three quarters also saw a year-on-year rise of 8.6% in China’s steel exports and 13.4% in textile raw materials to other BRICS nations.
Trade in agricultural products has similarly thrived. In the first three quarters of this year, over 80% of China’s imported poultry and frozen cod, along with more than 50% of its crab imports, came from fellow BRICS countries. Additionally, Chinese exports of garlic, tomatoes, and citrus fruits have found a warm reception among consumers in these nations.
In the financial sector, the New Development Bank has approved over 100 projects to date, totaling more than $34 billion, thereby offering substantial support for emerging market economies and developing countries in diversifying their financing channels and addressing infrastructure shortfalls.
The success of BRICS economic cooperation can be attributed to each member’s strong developmental needs and willingness to collaborate, alongside their significant economic complementarity. Wang Yuxin, a senior researcher at the Bank of China Research Institute, noted that BRICS nations are at different stages of industrial development, and the comparative characteristics of their industries create favorable conditions for industrial transfers, market expansions, and collaborative division of labor within the group.
Liu Ying, a researcher at Renmin University’s Chongyang Institute for Financial Studies, emphasized that BRICS countries possess rich resource reserves, advanced manufacturing capabilities, and extensive markets, each with its own strengths in various technology sectors. More importantly, these nations have moved beyond the outdated win-lose mentality in trade, espousing a new philosophy of mutual benefit and cooperative win-win scenarios.
Liu further remarked that by enhancing economic exchanges and financial cooperation, BRICS nations have forged a powerful alliance, becoming crucial engines against trade protectionism and important contributors to global economic growth.
However, despite the significant achievements in economic cooperation, there remains considerable room for improvement. For instance, there are still relatively few free trade agreements among members, and trade linkages need to be strengthened; the economic cooperation mechanisms require further refinement.
Xu Xiujun, a researcher at the Chinese Academy of Social Sciences, pointed out that the group of developing countries represented by BRICS shares similar economic development levels and faces common challenges.
As global economic growth shows signs of stagnation, how BRICS countries can establish closer economic and trade networks will not only impact the interests of their members but also influence unity and collaboration among the “Global South” and the broader global economic outlook.
Analysts suggest that moving forward, BRICS nations should not only solidify their achievements in traditional agricultural sectors but also foster development and cooperation in emerging industries such as green development, digital economy, and artificial intelligence, thereby enhancing their economic resilience.
Amid discussions on strengthening economic collaboration, key agreements and new initiatives expected to emerge from the upcoming 16th BRICS Leaders’ Summit are highly anticipated.
